Key Developments For U.S. Bancorp
U.S. Bancorp (USB.N) (New York Stock Exchange)
U.S. Bancorp Sells $500 Million In Five Year Notes-Reuters
Reuters reported that U.S. Bancorp sold $500 million of medium term notes. Barclays and USB were the joint bookrunning managers for the sale.
OfficeMax Incorporated Partners With U.S. Bancorp's U.S. Bank
OfficeMax Incorporated announced that it has entered into a strategic alliance and partnership with U.S. Bank, lead bank for U.S. Bancorp to issue a new OfficeMax Visa Signature and Visa Rewards credit card.
U.S. Bancorp Acquires FBOP Corporation's Banking Subsidiaries Through an FDIC Facilitated Transaction
U.S. Bancorp announced that, effective immediately, its U.S. Bank National Association, has acquired the banking subsidiaries of FBOP Corporation of Oak Park, Illinois, from the Federal Deposit Insurance Corporation. This transaction includes nine different banks with more than $18 billion in total assets and 150 branches in California, Illinois, Arizona and Texas. The nine banks that are part of this acquisition are: BankUSA, N.A.; California National Bank; Citizens National Bank; Madisonville State Bank; North Houston Bank; Pacific National Bank; Park National Bank; San Diego National Bank; and Community Bank of Lemont. Under the terms of these transactions, U.S. Bank will receive approximately $18.4 billion of assets and assume approximately $18.3 billion of liabilities, including $15.4 billion of both insured and uninsured deposits, of the nine different banks that are part of FBOP. The nine banks involved in this transaction will continue to operate under their current names and will be re-branded as U.S. Bank branches in the near future. As a result of this transaction, deposits of all nine banks are now backed by the financial strength and security of U.S. Bank.
U.S. Bancorp Looking At FBOP Corp-Reuters
Reuters reported that U.S. Bancorp is eyeing FBOP Corp, an owner of eight banks that may be put up for sale by the Federal Deposit Insurance Corp (FDIC), the Wall Street Journal reported, citing people familiar with the situation. U.S. Bancorp has been conducting due diligence on FBOP, which has about $18 billion in assets and 150 branches, the Journal reported.
U.S. Bancorp Expands In Nevada Through Acquisition Of Banking Operations From BB&T Corp.
U.S. Bancorp and BB&T Corp. announced the signing of a definitive agreement for U.S. Bank National Association, U.S. Bancorp`s lead bank, to purchase approximately $800 million in deposits and certain branch locations of BB&T`s Nevada banking operations. This acquisition includes the deposits of branches located in the Las Vegas Paradise market, Reno Sparks market and the Northern Nevada markets of Carson City. Terms of the transaction were not disclosed.
